Shiba Inu’s Layer-2 blockchain, Shibarium, is experiencing a shot of optimism amidst a bearish crypto market. K9 Finance (KNINE), a project aiming to become the go-to platform for liquid staking derivatives (LSD) on Shibarium, has secured a listing on BitMart, a major cryptocurrency exchange. This move, coupled with the upcoming launch of the K9 Finance dApp, is seen as a potential catalyst for growth within the Shibarium ecosystem.
K9 Finance offers functionality similar to Lido Finance on Ethereum. Lido allows users to stake their Ethereum (ETH) while receiving Lido Staked Ether (stETH) which can be used for further DeFi activities. K9 Finance envisions a similar mechanism for Shibarium, enabling users to stake their tokens and receive a liquid derivative in return. This not only increases participation in the Shibarium network but also unlocks additional utility for staked assets.
Official $SHIB Partner $KNINE will list on @BitMartExchange Tomorrow.
Congrats on the new listing. Let’s Moon Together! ???????? https://t.co/rHApwjJMAu
— $SHIB KNIGHT (@army_shiba) April 1, 2024
KNINE Price At A Glance
At the time of writing, the price of the KNINE token has decreased by 9% over the previous 24 hours and is worth $0.00009063. As a result, SHIB’s companion token gained a bearish hue today, in contrast to the optimistic sentiments that arose in response to the listing announcement.
Despite securing a significant exchange listing, the K9 Finance DAO (KNINE) token experienced a sharp decline of 50% over the past 14 days, plunging 75% from its all-time high of $0.0003468 on March 10, 2024.
KNINE’s drop today looks to be consistent with the overall slump in Shiba Inu, since SHIB’s stock also fell significantly on Wednesday. Shiba Inu traded at $0.00002692, down nearly 11% in the last 24 hours, fueling speculation about potential price swings.
Total crypto market cap at $2.4 trillion on the daily chart: TradingView.com
The listing on BitMart, the 44th largest crypto exchange by monthly traffic, is a significant win for K9 Finance. It provides increased exposure and liquidity for the KNINE token, potentially attracting new investors and users to the Shibarium ecosystem.
Major Developments Ahead
Adding further fuel to the fire, K9 Finance recently unveiled a sneak peek of its upcoming dApp. The platform will reportedly utilize Shiba Inu’s BONE token for validator rewards. Users who stake their BONE on K9 Finance will receive a wrapped version (knBONE) while their original tokens remain locked, allowing them to participate in governance and earn rewards simultaneously. This integration with BONE creates a symbiotic relationship between the two projects and incentivizes participation within the wider Shibarium ecosystem.
While K9 Finance paints a promising picture for Shibarium’s future, some factors require consideration. The current crypto market slump could lead to price volatility for KNINE. Additionally, the overall success of K9 Finance hinges on the wider adoption of Shibarium itself. As a relatively new Layer-2 solution, Shibarium needs to attract developers and users to establish a robust ecosystem.
Featured image from Pexels, chart from TradingView
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Author: Christian Encila
